Multifamily

Ariel Property Advisors Arranges $6.5M Sale of Multifamily Building in Manhattan

by Amy Works December 24, 2015

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily property located at 161 E. 96th St. in Manhattan. Encore Manhattan LLC acquired the 9,160-square-foot property from a private investor for $6.5 million. The five-story building features 19 large studio apartments. Additionally, the property offers significant future development potential as R104 zoning providing approximately 25,230 buildable square feet as-of-right, or 16,070 square feet of air rights over the existing structure. Michael Tortorici, Howard Raber, Shimon Shkury, Victor Sozio and Matthew Gillis of Ariel Properties Advisors represented the seller and procured the buyer in the transaction.

December 24, 2015

Midwest Multifamily Wisconsin

Marcus & Millichap Brokers $1.6M Sale of 44-Unit Apartment Portfolio

by Christina Cannon December 24, 2015

MENOMONIE, WIS. — Marcus & Millichap has brokered the $1.6 million sale of a 44-unit portfolio in Menomonie, approximately 25 miles west of Eau Claire. The six-building portfolio consists of five residential buildings that contain 44 total units and one eight-stall garage building. The 44 units are broken down into 36 two-bedroom/one-bathroom units and eight one-bedroom/one-bathroom units. The six buildings were constructed between 1977 and 1987. The apartment assets have undergone upgrades including roof replacement, vinyl siding, and new windows, flooring and appliances. Evan Miller, Mox Gunderson and Dan Linnell of Marcus & Millichap listed the property on behalf of the seller, a private investor. Cole Harstad of Marcus & Millichap procured and represented the buyer, a private investor.

December 24, 2015

California Multifamily Seniors Housing Western

Evans Senior Investments Arranges $37M Sale of 130-Unit Community in Fullerton

by Nellie Day December 23, 2015

FULLERTON, CALIF. — Evans Senior Investments has arranged the sale of Sunnycrest, a private-pay assisted living community in Fullerton in northern Orange County, for $37 million. The community was recently remodeled and includes 130 units, resulting in a price per unit of $284,615. The buyer and seller were not disclosed. Orange County experienced 45 percent growth in the 85+ age demographic between 2000 and 2010, according to the U.S. census. Evans Senior Investments is an investment-banking firm exclusively serving the seniors housing industry.

December 23, 2015

Arizona Multifamily Western

Independence Realty Trust Sells Apartment Community in Tucson for $33.6M

by Nellie Day December 23, 2015

TUCSON, ARIZ. — An unnamed buyer has acquired a 320-unit apartment complex in Tucson for $33.6 million. The community was built in 1995. The seller was Independence Realty Trust (IRT). The firm will utilize the net cash proceeds to reduce its outstanding debt and for general corporate purposes. The firm is currently in the process of selling properties that fall outside its geographic focus.

December 23, 2015

California Multifamily Western

Multifamily Complex in Tustin Sells for $3.5M

by Nellie Day December 23, 2015

TUSTIN, CALIF. — A 23-unit apartment complex in Tustin has sold to Nisson Rd LLC for $3.5 million. The community is located at 1431 Nisson Road. It was built in 1961. The property is fully occupied. Steve Heri and Steve Gim of NAI Capital represented both the buyer and seller, Cal Receivers, in this transaction.

December 23, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $5M Loan for Mixed-Use Property in Chinatown

by Amy Works December 23, 2015

NEW YORK CITY — Equicap has arranged $5 million in permanent financing for a mixed-use property located in the Chinatown section of New York City. The 20-unit property features four retail units and 16 apartments. The borrower, a large not-for-profit, plans to renovate and re-tenant the retail portion of the property. Daniel Hilpert of Equicap negotiated the five-year loan at a 3.25 percent interest rate.

December 23, 2015

Multifamily Seniors Housing Texas

Cain Brothers Arranges Sale of Three Communities in Texas for Lutheran Social Services of the South

by Haisten Willis December 23, 2015

SPRING, VICTORIA and LUBBOCK, TEXAS — Cain Brothers has arranged the sale of three Lutheran Social Services of the South (LSSS) senior living facilities for undisclosed prices. A joint venture of Brookdale and HCP acquired two of the communities: The Village at Gleannloch Farms, a 206-unit continuing care retirement community in Spring, and Copperfield Village, an 86-unit independent living facility in Victoria. Prime Life Communities acquired the final community, Wedgewood South, a 49-unit assisted living facility in Lubbock. As a result of the transactions, LSSS was able to retire all of its outstanding debt and retain net proceeds to fund its mission.

December 23, 2015

Loans Midwest Multifamily Ohio

Dougherty Mortgage Originates $11M Fannie Mae Acquisition Loan for Apartment Property in Columbus

by Christina Cannon December 23, 2015

COLUMBUS, OHIO — Dougherty Mortgage LLC has closed on an $11 million Fannie Mae acquisition loan for a multifamily property in Columbus. Parkview Apartments is a 216-unit market rate apartment property. Unit amenities include walk-in closets, fully equipped kitchens and washer and dryer connections. A partnership between Old Capital Lending and Dougherty arranged the 10-year term, 30-year amortization loan for Wolfe Diamond Loch LLC.

December 23, 2015

Midwest Multifamily Seniors Housing Wisconsin

Cushman & Wakefield Arranges Recapitalization of Seniors Housing Complex near Milwaukee

by Christina Cannon December 23, 2015

MEQUON, WIS. — Cushman & Wakefield has arranged the recapitalization of Newcastle Place, a 257-unit retirement community located in the affluent Milwaukee suburb of Mequon. Cushman & Wakefield served as an advisor to a venture between Westminster Capital and LCS. ROC Seniors, a private equity real estate fund manager, will replace Westminster Capital in the joint venture with LCS. Terms of that deal were not disclosed. Life Care Services, the management arm of LCS, will continue to manage the community. Newcastle is located on a 48.5-acre campus and consists of 158 independent living units, 36 assisted living units, 16 memory care units and 47 skilled nursing beds. The community was originally built in 2003. Westminster Capital and LCS acquired Newcastle from Milwaukee Protestant Home in late 2012 as a turnaround investment. In addition to the sale, Cushman & Wakefield acted as exclusive debt placement agent to the acquisition group arranging the financing with Bank of America Merrill Lynch. The Cushman & Wakefield team involved in this transaction included Richard Swartz, Jay Wagner, Aaron Rosenzweig, Stuart Kim and Caryn Miller. Faegre Baker Daniels LLP served as legal counsel to the Westminster Capital/LCS venture on this transaction.

December 23, 2015

Multifamily North Carolina Southeast

Kassinger Development Delivers Apartment Community in Asheville

by John Nelson December 23, 2015

ASHEVILLE, N.C. — The Kassinger Development Group (KDG), a multifamily developer based in Charleston, S.C., has delivered The Retreat at Hunt Hill, a 180-unit apartment community in Ashville. Residents at the newly delivered complex have views of downtown Asheville and the Blue Ridge Mountains. The complex is located adjacent to the Beaucatcher Hiking Trail and McCormick Field, home of the Asheville Tourists baseball team. Community amenities include a leasing office, swimming pool and fitness center. Units feature Energy Star-rated appliances, faux wood flooring, granite countertops, washer and dryer hook ups and porches.

December 23, 2015

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